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Integrating Into the Global Economy Through Services. The Case of Romania

Author

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  • Agnes Ghibutiu
  • Andra Ghibutiu

Abstract

Services represent a most important and dynamic frontier of international trade and investment. The steady expansion of trade in services and its relative resilience in the recent crisis, coupled with its key role in global production networks and its increasing potential in attracting investment provides new opportunities for countries to grow their economies and integrate into the global economy. Drawing on insights from current literature and relying on balance of payments and trade in value-added statistics, this paper examines the main developments shaping Romania’s services trade over the post-crisis years. Its aim is to assess whether the country is grabbing the new opportunities arising from services globalization. It finds that following the dramatic crisis-induced decline in the value and performance of Romania’s services trade, the outlook is now radically improving as evidenced by the strongly rebounding services flows and net exports. Nonetheless, the country’s integration into the global economy through services flows continues to remain below its potential.

Suggested Citation

  • Agnes Ghibutiu & Andra Ghibutiu, 2014. "Integrating Into the Global Economy Through Services. The Case of Romania," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 6(2), April.
  • Handle: RePEc:iem:journl:v:6:y:2014:i:2:id:2822000009236007
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    File URL: http://www.iem.ro/rem/index.php/REM/article/view/144/173
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    More about this item

    Keywords

    Romania; trade in services; EU; services offshoring; trade in value-added;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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